So it would be safe to print an IBAN on a card, a bank can decide just to decline every incoming SEPA direct debit request. I have been with ING for 5 years and can fully corroborate your experience regarding them blocking incoming transfers for no reason. Remember that you can always close an account without any hassle or cost if further down the line you understand that the bank is not well aligned with your needs. You can make fee-free currency conversions up to €6,000 per month, after which a 0.5% fee applies. That’s it. If you’re worried about managing multiple cards, have a look at the solution I found for that further down in the article. They have a weird policy of letting all incoming transfers in, then suddenly asking for documentation about all incoming international transfers months later. I haven’t come across this bank before and I’m not sure whether they have any presence in Spain. As a result some accounts (and the money therein) were apparently blocked for months at a time. They have the most straightforward process for opening an account. In Europe, they are just starting out but I’m betting Finizens will be a strong player in the space. I speak fluent Spanish, so that’s not a problem. IBAN Structure & Examples Their website and documentation are only available in Spanish, so I wouldn’t recommend this account if you’re not very fluent, especially since everything is done online. I have the same problem as you. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Only digits. Another way to have the account for free, is being a shareholder of the bank. If you haven’t learned any Spanish yet, I would also recommend that you get the basics nailed down. I am stuck in England with little hope of getting to Spain for many months – I am in the high risk group for Covid 19 – and I suddenly have no access to online banking, Hey Nikki, I’ll update it if I come across new information, but it’s not something I keep on top on a daily basis. Let’s talk about some of the most common words used in Spanish banking. Basically Curve allows you to load all your cards into its app, then use just one card (the Curve card) to make your payments. The ING Direct web and mobile interface is great, and they have a good portfolio of related services such as Broker Naranja for investing in the stock market internationally. Unless you put minimum of 800 euros a month into the account and accept the obligatory credit card you will be charged for every debit and transaction. It’s a hassle having many cards in your wallet. Their customer support is only available via phone (long waits) and usually turns out to be quite incompetent, barely able to answer basic questions. Desde tus gastos diarios hasta planificar tu futuro con ahorros e inversiones, Revolut te ayuda a sacar más partido a tu dinero. Try it now, it is free! From your everyday spending, to planning for your future with savings and investments, Revolut helps you get more from your money. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. Dad. Thanks for this fantastic information. You can withdraw cash commission-free from more than 44,000 ATMs around the country: Finally, another great plus is that they charge no commissions for Euro transfers. All the banks I mentioned above are very reasonable in what they require and will not make things difficult for you. I tried 5 times and always the same issue and problem. The famous online bank Revolut is also available to residents of Spain. ING Direct used to be my favorite local bank, but as of April 2019, I would recommend N26 above ING Direct. I am very happy with the service they provide and the application is excellent, even allowing you to aggregate other banks’ accounts into the BBVA app for your convenience. I hope to find an answer here, if possible. They’re of course a well established Dutch multinational bank and they have subsidiaries in many countries. We’re giving you the financial freedom to live, work… 09446231). It used to be notoriously tough to get an account, but it’s recently become more straightforward. You can give this IBAN to the sender, to process the payment. Monzo Bank Limited is a company registered in England and Wales (No. We’re a licensed bank, 100% digital and secure. For example, if you want to make a transfer, you would do it online rather than visiting the branch and asking them to do it for you. Note that many traditional Spanish banks do not provide sign up instructions on their website in English, but it’s pretty self-explanatory in most cases. Transfers should happen instantly, but can sometimes take up to 4 hours. Otherwise, you will need to invite three or more friends to use the app to unlock the feature. The platform collaborates with many European collaborator banks, all of which count on the European deposit guarantee scheme (up to €100,000). That said, compared to some of its brick-and-mortar rivals, it’s missing a few important features. I didn’t read the whole article I must say but IO cam here because my bank Banco Sabadell is charging me .80 cents for each transaction even if I pay for a metro ticket or parking which can be as low as €1. You can withdraw money from Bankia ATMs (up to 600 Euro daily) and no commissions will be charged. I wonder if you could help? anon33247966. Bank Code Checker & Lookup At Bank.Codes, we provide a lookup function to … IBAN: validate IBAN, show BIC : If a digit or two are unknown, enter question marks instead (e.g., DE12500?0?170648489890). Since April 2019, N26 gives its Spanish users a Spanish IBAN account, so you will be able to use the bank for any direct debits as you would use other Spanish bank accounts. It’s very frustrating. This is the future of banking, so they give you best in class digital facilities such as an app and website to go with it, while also helping you track your expenses. It’s not the best account to choose if you’re here in Spain temporarily or if you’re a non-resident. I live in uk and am english but want a non resident bank account in Spain. When an IBAN is used to make and receive online payments it should not contain blank spaces or the word "IBAN". Monzo Bank Limited is a company registered in England and Wales (No. Of course, they also have the traditional methods available (phone, email, post). Although according to EU rules, businesses here in Spain should accept European IBANs for direct debit purposes, in practice there are some big companies that still refuse to do so. Next, a courier will come to your house within a few days to give you your debit card, and you will need to give him a copy of your identification documents (passport and NIE usually). I prefer ING Direct’s and BBVA’s interface, related services and also their facility of withdrawing from other ATMs commission-free. That is why I would recommend N26, a German bank with the very latest technology and an amazing mobile app through which you manage your account. It is basically an aggregator of all the savings account offerings across Europe. Thanks a lot for the clarifications! You can use your card to spend up to 1,500 Euro daily. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); Participate in this conversation via email, Read my full TransferWise Borderless review, investing through the Mintos P2P lending platform, review of the best P2P lending sites in Europe, best property investment platforms in Europe, A valid passport or national identity card, Your Spanish Tax identification number (NIE), A document to confirm your address such as a utility bill or Title Deed, A document to prove you have an income – this could be a payslip, tax return or an official form connected to your pension (optional), The IBAN number of your other bank account, Cuenta para residentes = resident account, Cuenta para no residentes = non-resident account, Account number – usually a ten digit number, Sort code  – four digits for your bank reference and four digits for your branch, BIC – Bank Identifier Code. The ING Direct website is in Spanish but they have nearly identical websites in other markets such as Ireland, where you’ll find all the information in English if you need it. Having said that, since there is no cost to signing up to and maintaining a standard Revolut, I would still recommend having it, especially since you like to travel. If you have any questions about currency exchange, leave a comment and I’ll try to help out. Hi Steven and thanks. Latest news, expert advice and information on money. You will usually get a gut feeling about certain banks that will allow you to narrow things down. and If you are 18 or older, live in Spain and are not a BBVA customer, you can open and enjoy all the advantages of this account. The only way to be charged no commission is to put 700 euros every month and once it is not possible it goes back to charging and stays there. It’s designed for those who travel a lot and offers ways to spend abroad, including international money transfers with no hidden fees. Pretty please… Are you planning to update this soon? Accept payments dirrectly into your Monzo Account; Allows any merchant using Monzo to make payments dirrectly into your account. Regarding N26, I opened an account with them but then read a bunch of really scary reviews on trustpilot according to which N26 froze people’s accounts for no reason and did not reply to client requests to have them unfrozen. Please keep in mind that all comments are moderated according to our comment policy, and your email address will NOT be published. Hi! Please remove this comment to prove you're human. Perfectly fine for me, as I find it way more comfortable doing everything online. You basically apply for an account online and immediately get an account open with an IBAN number. The reason why I did was that I am outside Europe for work and that I often have to work in countries with doubtable reputations when it comes to banking and money spending. You will then need to print a paper and sign it, as well as take a copy of your passport and NIE. Monzo Bank Limited is a company registered in England and Wales (No. 09446231). If you own min. Their savings account offers 0.15% returns. In Bankia’s case, there is no minimum balance requirement. Example usage of calculator for United Kingdom: choose country United Kingdom (UK) enter Sort Code - 200415 and account number - 38290008. It’s a valid alternative to investing in index funds and like I said these kinds of platforms are already extremely popular across the Atlantic. Let me share them with you: Here are some of the typical bank fees charged by banks here that I was not prepared to pay: After spending many hours in online research, speaking to people and visiting bank branches, these were my shortlisted banks: Before we delve into details about each of these banks and my top pick, I’d like to make a special note for those who will be transferring money from other countries. That’s just not true. The first two 2 characters ("CC") specify the country code in ISO 3166-1 alpha-2 format. I will make a fixed monthly transfer from my Foreign account into this account. IBAN Structure examples can be used to test our service and understand how different countries construct IBAN numbers. Because of these reviews I am rather reluctant to use the account for anything other than pocket change. Self Bank is an online bank with no offices. Others may have stricter policies, and they might reject your application without providing any specific reasons. Thanks in advance. They seem to have the best understanding of how to operate in the country, for obvious reasons. It comes with a debit card so you can pay and withdraw money at ATMs once you come to Spain with much lower fees than with your bank. The next 2 characters ("KK") specify the check digits, used to confirm integrity of the code. Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. There are no fees charged for national or Eurozone transfers. However, you have to hold a Premium account or higher to access the cryptocurrency feature automatically. Banks use these to determine whether the IBAN is in the right format. Does anyone know if a Revolut account can be used as proof of funds? Their website is available in multiple languages including English. Which unfortunately seems likely. The traditional way would be to actually sign up to a bank in order to be able to access its savings products, which is incredibly more laborious and harder for the customer to compare offers between banks. I now can’t just have Sabadell because of the 700 euro entry per month (which currently goes back and forth) I don’t like either due to so many charges and such incompetence (CR). Do you recommend the BBVA online one? Visiting a branch doesn’t help also, as they don’t help opening online accounts (I guess they don’t get their commission…). An IBAN is an internationally agreed code of up to 34 letters and numbers that identifies a particular bank account. The IBAN bank account numbering format was originally developed to facilitate payments within the European Union and has been implemented by most European countries and multiple countries in the other parts of the world (Middle East and in the Caribbean). ES So I’m still searching to find my bank at the moment. Caja Rural etc to charge considerably more than they already are I’m keen to look for an alternative. If too much money in the account, I will just withdraw and take it back to put on my other account. Also, minus points for N26 for not even making any mention of this anywhere. Hi Jean – fellow Maltese in Spain here. When I sent the document they credited the blocked transfer only to block again the next one. Their best offering at the moment is Cuenta ON, which gives you zero commissions, similar to ING Direct. So I am surprised to see it in the list of non-commission banks. Their savings account offers 0.5% interest. Swift Codes also known as BIC Codes is a unique bank identifier used to verify financial transactions such as a Bank Wire Transfer. If you want to carry out all your transactions quickly, wherever you are, use CaixaBankNow digital banking (our online banking service), at your disposal in 22 languages, 24 hours a day and 7 days a week. This is now my favorite local bank in Spain. Evo Banco offers another free online account, and although I haven’t tried it myself I have heard good things about it. If you already have another bank account in Spain and you’re opening another bank account in Spain with a local bank: If you’re opening an account with one of the digital banks: The digital banks (Revolut, TransferWise and N26) only require basic identification to open a bank account with them. The purpose is to have an extra bank account and use it for online/offline shopping. Check it out, I think you will like the idea behind Raisin. Maya. I have lived in 6 other European countries and I have to say that Spain has the worst banks I have seen (in terms of hidden fees, lacking customer service, and doing simply dumb things like blocking a transfer or an entire account for no reason whatsoever). Having more options is always better than less options. Since the introduction of International Bank Account Numbers (IBANs), the countries which use IBAN have mostly integrated their local bank codes into the prefix of IBAN account numbers. Nonetheless, it’s impossible to complete the BBVA online banking application. If I apply to N26 will I be able to use it in UK and Spain when UK leaves the European Union without a deal. I find these practices extremely insensitive and unprofessional and cannot recommend this bank any longer. It is used in conjunction with the IBAN. This makes it easier to read and check. You might want to check which companies you will need to work with and decide accordingly. Update June 2018: I no longer recommend this bank due to the various reports of multiple charges that are now associated to having accounts with them (see comments section). Join over 2 million people and enjoy a full range of features - all celebrated by a great 4.1/5 Trustpilot score. I’m happiest with the online banks like N26, Revolut, TransferWise as well as BBVA at the moment. You can use the ING Direct mobile app to make payments without your debit/credit card in shops, and you can also send and receive money to/from friends with the Twyp Cash app, up to 1,000 Euro per year. Revolut has three tiers: Standard, Premium and Metal. Perhaps you are already thinking of a loan or mortgage, or you’re interested in finding a bank with great stock brokerage facilities, or even other products such as life insurance or deposit accounts. The transfer is free anyway, so then I wont have any fees charged. Allows non-Monzo users to make bank transfers dirrectly into your account based on Hi! If I get this one can I put money into a BBVA branch? If you have a job in Spain, there is also the option of a CON NOMINA account, which means that you’ll have to deposit your monthly paycheck into the account for it to remain commission-free. Making a bank transfer. Our Financial Services Register … Personally, I think SIN NOMINA is more straightforward provided you keep those 2,000 Euros in it. If you’re opening your first bank account in Spain with one of the local banks: The proof of income documentation is not always required. I was asked to contact a branch to open an account but I am trying to avoid those crazy fees the banks are asking for doing nothing.. So far all I can find is my account number in the statements. You mention that you are happy with BBVA. For example, if you make a gym subscription, or if you sign up for private health insurance, you will need to provide your bank details, and you need to give a Spanish IBAN number. I contacted some people within Revolut, but beside a very friendly conversation, I don’t have any solution regarding this issue, as keeping this account on the background instead of using it as a primary account. You are charged at least a 1% markup for currencies such as the Thai baht, Russian rouble, Ukrainian hryvnia and the Turkish lira. What’s more, it’s incredibly easy for anyone to use cryptocurrencies such as Bitcoin with Revolut. ), Hello Lynn If everything is in order, they will open your bank account and send you the cards. ES Great information here. My surprise was that I got a note that my Revolut IBAN number is blacklisted. I’m a non-EU foreigner with legal Spanish residency. Padel Player. It begins with letters that refer to the bank you are using. I will use this list to find our next bank. The downside of international transfers with your bank. Only letters. A foreign account is good enough for proof of funds to get the NIE. Customers have access to five different cryptocurrencies: Bitcoin, Litecoin, Ether, Bitcoin Cash and XRP. And I want to complain to the ombudsman because of the way they never explain this properly, contract is not in English and also when my account status changed I did not get a warning , an SMS or email. This is because companies require a Spanish IBAN for the address of payments or payroll. See the IBAN Example page for examples of IBANs in various countries. This was the easiest bank opening process I’ve ever been through, and I appreciate the convenience of it all. or what might be a way to be able to sign up? Or it’s not good enough in Spain? The reason for it not being completely reliable is that Monzo is not yet connected to the SEPA or SWIFT network³. Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. You’ll need the name of the person or company you’re sending it to, and their account number and sort code. For this reason I’ve been considering the possibility of using N26 as a principal account, but their account comes with a big catch – even if N26 are now offering Spanish IBANs (although for some reason it’s taking ages to issue them to existing customers), the bank is not recognized by Spain’s TGSS (Social Security). You can spend in over 150 currencies at the interbank exchange rate and exchange 29 fiat currencies. It’s another great option for a backup account, and you can also use the brokerage facilities which are quite decent if you operate regularly on the stock market. Calling the helpline number doesn’t help because the operator will literally hangup as soon as she hears me speaking English. You can send money to friends with their Self Money app, all you need is your friend’s mobile phone number or email address. I have lots of content on that subject as well on this site, and a good place to start from is my post on the best property investment platforms in Europe. When you send or receive an international wire with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result. Min: it’s very frustrating indeed. I suggest that you use TransferWise for your conversions as you will save a ton of money versus any local bank. Their offices always make you feel welcome and their staff usually speak English. IBAN (which stands for International Bank Account Number) is an internationally agreed code made up of up to 34 letters and numbers which helps banks make sure that international transfers are processed correctly.. Whenever you have any queries, you can access their chat support online, and someone will attend you within seconds. Best of all, it is all available in English, which is perfect for ex-pats. However, I tried to sent some crypto funds to my Revolut account, as this one includes crypto trading. You can also set up a TransferWise Borderless account which gives you a debit card in multiple currencies that is perfect for travel. When a friend went to my a branch in Chiclana she was told that I would have to put up with no access until I could visit a branch. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. With linked accounts. I already have two – Sabadell which used to be good and Caja Rural local to my property which I felt I needed at the time. Revolut’s aim is to make cryptocurrencies accessible. We’re the banking alternative that offers you fast accounts in 31 countries. Need to give this to employers. Banc Sabadell is one of my favorites, if it weren’t for the requirement to make a monthly inbound transfer of at least 700 Euro to keep the account commission-free, I would probably have opened an account with them instead of ING Direct. It is now one of the top 5 largest Spanish banks. Before you make a payment, you can use the app to choose which bank card you want to take the money from. Or that it represents the right destination. Direct Debits are available to all Revolut users who have opened a Euro Incredibly useful for those of us who have many debit and credit cards. Follow @jeangalea This rises to 2% on weekends. Runner up are UK banks btw who milk their clients wherever they can (fully exploiting the fact that they stayed out of the EURO which allows them to charge ridiculous fees for simple transfers). My Spanish is weak and I didnt have the confidence to switch so your article has given me the boost I needed to save a ton of money! Browse countries starting with letter "U" and find your banking swift code. Revolut received its European banking license from the European Central Bank in December 2018. I am also concerned about any changes due to brexit, but guess no one knows the implications currently (though please tell me if you do! I have been a customer for over 20 years & have also been until now. One of Revolut’s most appealing features is that it lets you spend fee-free at the interbank rate in over 150 currencies. Thank you for all this bank related information. They have also blocked many clients’ accounts even during the sensitive Coronavirus crisis times, piling more difficulty on families when they should be helping alleviating the burden. Another option is to invest in property via online platforms. For example, a UK IBAN in printed form would look like this: GB99 RBOS 1234 5612 3456 78. Pensions, property and more. I think it is something really worth mentioning as it really renders the possibility of using it as a primary account practically useless. Hi there, I am new to Revolut, and am trying to find my Euro IBAN address in the app. Therefore Cuenta ON is a good secondary or backup account. I’ve found this list really useful, so thanks for compiling it and keeping it up to date! Signing up is simple and done through their website. That’s because the banks still use an old system to exchange money. Hi Jean,trying to open BBVA online account but having trouble,do you have to be a Spanish resident to open one. Upon moving to Spain, one of the first things you need to do is open a bank account, together with purchasing private health insurance. None of the banks mentioned in my article are great places to earn any interest on your money. Revolut shows you real-time cryptocurrency graphs which shows you current rates. I have tried contacting many other banks, including BBVA, where I had all the requisites – NIE, spanish property (address) etc but lack a spanish telephone number. I am looking for an account for low commission charges and where I can pay Spanish Social security and taxes out of and also put money in to cover these costs. Read my full TransferWise Borderless review or go ahead and open an account using the link below. I’ve been meaning to leave Sabadell for a while as their conditions, charges and lack of practical app services are really frustrating. This allows banks to correctly process international money transfers. In order to open your account, they will ask you for another account at a local bank for verification purposes, so this cannot be the first bank you open. Evo Banco was one of the pioneers of the digital banking revolution in Spain, so it is a good option if you are used to conducting all your banking online, but not so good if you like being able to walk into your bank to conduct transactions. Ok, now that you now know how to do currency exchanges the right way, let’s move on to Spanish banks. That’s helpful and I’ve now narrowed it down. Agreed with all your comments. It’s quite maddening because they typically don’t even know what they need, they just ask you for documentation for everything, which of course can be incredibly time-consuming to retrieve given that some transfers might have been done years ago. Thanks for choosing to leave a comment. Failing that, visit a branch. I went to the branch and they don’t give you the free online account. How can I add money using my linked bank account? In just a few letters and numbers, the IBAN captures all of the country, bank, and account details you need to send or receive money internationally.